Karur Vysya Bank Loan Against Property

Karur Vysya Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 60% of the market’s value for tenure of 18 years.

Company where you work: Karur Vysya Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed

Your Salary: Income helps you in identifying your rate of interest. Karur Vysya Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Karur Vysya Bank allows prepayment of loan against property with 2% of amount pre paid prepayment charges

Processing Fee - Karur Vysya Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Karur Vysya Loan Against Property EMI Calculator

Loan Against Property EMI of Karur Vysya Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure

Karur Vysya Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property

You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI

Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI

Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating Karur Vysya Loan Against Property EMI?

Karur Vysya Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living

You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Karur Vysya Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Karur Vysya Bank

Eligibility of Loan Against Property in Karur Vysya Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

Age: Karur Vysya Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval

Value of the property: Karur Vysya Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Karur Vysya Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Karur Vysya Bank gives maximum LTV of 60% for property loans depending upon market value of the property

Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Karur Vysya Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Karur Vysya Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
To reduce your burden of higher EMIs, Karur Vysya Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility

Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings

Business person should be in business from the past 3 years and minimum ITR of last 3years is required as proof to Karur Vysya Bank

Karur Vysya Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Karur Vysya Bank?

Karur Vysya Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Karur Vysya Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from Karur Vysya Bank

Registered Sale Deed/ Conveyance/ Lease Deed

Past Sale Deeds Chain (each transaction in respect of this property since first allotment

Latest House Tax Return/ Receipt

Approved Building Plan from Municipal Corporation

Past trends of MCLR of Karur Vysya Bank

Date

MCLR

07th Oct 16

10.30%

04th Oct 16: 0.25% repo cut by RBI

05th Apr 16: 0.25% repo cut by RBI

05th Oct 15

10.40% decreased by 0.35%

29th Sep 15: 0.5% repo cut by RBI

02nd Jun 15: 0.25% repo cut by RBI

04th Mar 15: 0.25% repo cut by RBI

23rd Jan 15

10.75% decreased by 0.25%

15th Jan 15: 0.25% repo cut by RBI

28th Jan 14: 0.25% repo hike by RBI

18th Dec 13: 0% repo none by RBI

29th Oct 13: 0.25% repo hike by RBI

20th Sep 13: 0.25% repo hike by RBI

20th Aug 13

11.00% increased by 0.25%

03rd May 13: 0.25% repo cut by RBI

19th Mar 13: 0.25% repo cut by RBI

03rd Feb 13

10.75% decreased by 0.25%

29th Jan 13: 0.25% repo cut by RBI

02nd Sep 12

11.00% decreased by 0.25%

17th Apr 12: 0.5% repo cut by RBI

24th Nov 11

11.25% increased by 0.25%

25th Oct 11: 0.25% repo hike by RBI

16th Sep 11: 0.25% repo hike by RBI

01st Aug 11

11.00% increased by 0.5%

26th Jul 11: 0.5% repo hike by RBI

16th Jun 11: 0.25% repo hike by RBI

16th May 11

10.50% increased by 0.5%

03rd May 11: 0.5% repo hike by RBI

17th Mar 11: 0.25% repo hike by RBI

07th Feb 11

10.00% increased by 0.5%

25th Jan 11: 0.25% repo hike by RBI

24th Dec 10

9.50% increased by 0.5%

02nd Nov 10: 0.25% repo hike by RBI

04th Oct 10

9.00% increased by 0.5%

16th Sep 10: 0.25% repo hike by RBI

27th Jul 10: 0.25% repo hike by RBI

02nd Jul 10: 0.25% repo hike by RBI

01st Jul 10

8.50%

Karur Vysya MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in Karur Vysya ?

Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.

Your existing EMI’s on all loans and credit cards (from Karur Vysya Bank and other banks) are no more than 60 - 70% of your net monthly income

You have not defaulted on loans or credit card dues to Karur Vysya Bank and other banks and all EMI's have been paid. Note that Karur Vysya Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Karur Vysya Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator

If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion

If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Karur Vysya mortgage loan interest rate remain fixed or will it change in future?

Floating interest rate on Karur Vysya Bank property loan is linked to its 1 Year MCLR, which is currently 9.90%. So, when Karur Vysya Bank offers a loan against property at 12.75%, it applies a 2.85% premium to its MCLR to arrive at this rate

When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers

Karur Vysya Bank reported net profit of Rs. 152.83 Cr for Q3FY16. Its NII rose by 14.60 per cent supported by an increase in other income & operating profit and lower provisions

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